The way opening a brand new (high limit) card affect a previously excellent credit rating?
I’ve charge card debt my boyfriend has excellent, immaculate credit. We now have spoken about him opening a brand new, % interest card and moving my balances into it to be able to repay my debt (I can not obtain the borrowing limit required to transfer all balances at the same time). I understand transporting the total amount will not really hurt him but will opening another card? (He already has 2 cards with $10,000 limits each).
Let’s focus on the right answer.
Opening a brand new account may cause his score to decrease but only with a couple of points because of the inquiry.
So far as your debt to credit ratio which comprises a complete 30% of his score it’ll rely on just how much total debt he eventually ends up getting. If his total debt surpasses 30% of his total borrowing limit then his score will require another hit.
We did this same factor back in the past and compensated off our debt at %.
Best of luck.